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09-08-2011, 01:01 PM #1
Facebook Doubles Revenues in the First Half of 2011 to $1.6 Billion [REPORT]
Facebook‘s revenues doubled in the first half of the year to $1.6 billion, according to a report.
Reuters says Facebook’s net income for the period hit $500 million, citing “a source with knowledge of [Facebook's] financials.”
As a private company, Facebook doesn’t publicly report its financials, but eMarketer estimated that the company posted $1.86 billion in revenues for 2010. EMarketer predicts Facebook will hit $4.05 billion in global revenues for 2011. An eMarketer rep says the figure Reuters reported is “on track with our estimates,” especially since the third and fourth quarters tend to bring in more money than the first and second quarters.
The report comes as Facebook’s reported valuation has reached as high as $100 billion before an expected IPO in 2012. That valuation, however, came before the stock market cooled off this summer, prompting Zynga and Groupon to reportedly delay their IPOs.